A recent study by Northwestern Mutual Insurance Company revealed some interesting reasons why people procrastinate when it comes to planning for their retirement. Among the findings:

– 24% of those surveyed stated they don’t have enough time

– 21% said they don’t have enough interest

– 20% find the whole process confusing

– 19% said they don’t know where to find help

Here are 5 ways that you can overcome these roadblocks and start some momentum toward your retirement goals:

1. Take baby steps. Carve out 20 minutes a week to do something that will move you toward your retirement goals. The best place to start is with the “big picture” which leads to:
2. Take a mental snapshot of what retirement looks like to you. Forget the TV advertisements or what your friends and coworkers talk about. You have to “move in” to your retirement dream so make sure that you like what you “see”. Start a retirement notebook. Include photos, magazine articles, and your own notes. Make this notebook your retirement “playbook”. This should help you develop an “interest” in your retirement by making it personal.
3. Put a budget together. No, it’s not easy but use one of those weekly 20 minute sessions to start writing down what your income is and what you spend each month. This is a key step because before you can gain momentum with your savings and investing you need to know what you have to work with. You can use my Budget Tracker tool to help you with this step.
4. Put a team together. I believe people find the process confusing because they think they have to do it alone or that they have to have “a lot of money” in order to get help. That’s why I am here to help you along with other CFP® professionals out there. You can also find a CFP® in you areas here.
5. Start small. If you feel like you are behind in saving for retirement you are in good company. The average 401(k) balance for Baby Boomers is around $77,000. That’s hardly enough to last 20-30 years in retirement. So, we have two choices. We can throw up our hands and say, “Well I guess I will have to work until I drop dead.” Or we can put a stake in the ground and say, “I can’t relive the past so today I am beginning the momentum to carry me through “my retirement.”

Even a few dollars can have a dramatic impact on you retirement savings. Take a look at the power of time and compounding here. You may also find the SaveDaily platform a great place to start and/or increase your savings.

By just getting started you will jump to the other half of Americans who have some semblance of a “plan” for their retirement. Start small. Invest a few minutes a week to pick up your retirement “playbook” and take small steps toward your retirement goals.

Do this and before you know it you will have a clear picture of what retirement looks like for you and you will have at least an informal plan. Build retirement momentum and you find yourself less stressed out about what should be the time of your life.

Time Out! Which of these steps seems the most difficult for you? You can leave a comment here.